CALGARY, ALBERTA--(Marketwire - July 19, 2012) - Idaho Natural Resources Corp. (the "Corporation") (NEX:IDN), is pleased to announce the formation of a strategic Advisory Board, which will include Bruce Trudgill, Dan Reid and Tom Wright.
Mr. Trudgill has been a Professor of Petroleum Geology at the Colorado School of Mines since 2003. He specializes in a number of areas including analysis of rift basins on a global basis. Bruce has consistently undertaken consultancy and advisory contracts with a number of companies including Statoil, Amerada Hess, Shell and PEMEX and Maersk. He has a Ph.D. in Structural Geology from Imperial College in London, is a member of the American Association of Petroleum Geologists and the European Association of Geoscientists and Engineers. Mr. Trudgill brings a global perspective and rift expertise to the Corporation's work in the Western Idaho Rift Basin.
Mr. Reid has over 25 years of business and commercial development and management experience in the oil and gas industry. Mr. Reid has a Masters of Business Administration from the Colorado State University Executive Program and has been involved in various acquisition and divestiture projects ranging from $25 to $500 million. Mr. Reid's professional memberships and associations include, among others, the American Association of Professional Landmen, the Denver Association of Professional Landmen and the Association of International Petroleum Negotiators. Mr. Reid brings a depth of expertise in contract negotiations and land acquisition.
Mr. Wright has over 30 years' experience in oil and gas exploration and production, divestitures and business development and has participated and advised in an aggregate of $300 million of oil and gas transactions. Mr. Wright is experienced in managing relationships with commercial banks, investment bankers, reserve engineers and independent auditors in various capacities ranging from unconventional energy projects to early stage exploration and production assets. Mr. Wright is affiliated with the Independent Petroleum Association of Mountain States and the Rocky Mountain Association of Geologists.
The Corporation also announces that the board of directors have approved the granting of options to acquire an aggregate of 15,000 common shares in the capital of the Corporation (the "Shares") to the members of the Advisory Board. The options have an exercise price of $0.375 per Share and expire on July 18, 2017. The board of directors also previously approved the granting of options to acquire an aggregate of 76,250 Shares on May 1, 2012 to certain officers, directors and employees of the Corporation at an exercise price of $0.375 per share with an expiry date of May 1, 2017. All of the options vest as to 1/3 on each of the first, second and third anniversary of their respective grant date.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented herein constitutes "forward-looking statements". More particularly, this press release contains statements concerning the Corporation's granting of options and other statements that are not historical fact. The forward-looking statements contained in this document are solely opinions and forecasts which are uncertain and subject to risks. Forward-looking statements include but are not limited to uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: non-performance of agreements in accordance with their terms; the impact of competition; commodity prices; regulatory environment and inability to obtain required regulatory approvals; tax laws and treatment; the ability of the Corporation to raise sufficient capital to complete future projects and satisfy future commitments; labour and material shortages; and certain other risks detailed from time to time in the Corporation's public disclosure documents which can be found at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned that the assumption used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation may prove to be imprecise and, as such undue reliance should not be placed on forward-looking statements.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Corporation undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
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